BlackRock Launches iShares Bitcoin ETF (IBTC) in Canada, Targeting Institutional Investors

BlackRock has launched its iShares Bitcoin exchange-traded fund (ETF) in Canada, offering institutionally managed BTC exposure to local investors, according to a CBOE press release.

The ETF, listed on CBOE BZX Canada, will trade under the ticker “CBTC” and will be available to investors through authorized participants (APs) in units, each representing 1/10th of a Bitcoin.

BlackRock now manages the largest U.S. spot Bitcoin ETF, known as IBIT, which became the fastest-growing fund in history, attracting over $52 billion in investor capital within its first year.

Commenting on the launch, Helen Hayes, Head of iShares Canada at BlackRock, highlighted the introduction of a locally managed product to offer a “convenient and cost-effective” way for investors to gain exposure to Bitcoin.

“We're excited to announce the launch of the iShares Bitcoin ETF, which will provide Canadian investors with a convenient and cost-effective way to gain exposure to Bitcoin,” said Hayes.

“This ETF is designed to meet the growing demand for crypto exposure among institutional investors, and we're pleased to be able to offer it on CBOE BZX Canada.”

Rob Marrocco, Global Head of ETF Listings at CBOE, also noted the increasing demand for cryptocurrency exposure, adding that CBOE will continue to support the growth of the crypto ecosystem.

“As investors increasingly seek crypto exposure through exchange-listed wrappers, CBOE intends to cater to this demand by leveraging our global listings capabilities and derivatives expertise to broaden market access and support the growth of the crypto ecosystem with new products,” said Marrocco.

The launch marks one of the first major spot Bitcoin ETFs to enter the Canadian market. In the U.S., the spot Bitcoin ETF complex has already gathered $107 billion in assets under management (AUM).

While the Canadian market may not reach the same scale, BlackRock's entry is expected to attract more institutional capital into Bitcoin through local investment channels.

Beyond Canada, BlackRock also offers Bitcoin products in markets like Brazil. The company's expansion reflects growing global interest in Bitcoin and cryptocurrencies as alternative asset classes, especially amidst rising inflation and uncertainty in traditional financial markets.